Gustavo Bernal Torres
Finance Groups Risk Being Kicked Out of Mark Carney-Led Climate Coalition
Independent body will have the power to eject members for not meeting new criteria such as ending coal financing.
Beefed-up checks by the UN on whether finance groups meet new criteria on ending coal financing and phasing out fossil fuels from portfolios could be announced at New York Climate Week in September and launched at the COP27 climate talks to be held in Egypt in November, according to Race to Zero, the UN group behind the plans.
The rules introduced in June require all signatories to phase “down and out all unabated fossil fuels” — projects that are not offset by carbon capture — by 2050 at the latest. It also requires them to stop financing new coal projects and meet interim 2030 net zero emissions targets. The deadline for meeting the rules is June 2023 for existing members, while any who join will need to comply immediately.